Compliance News

NFIP Extended to Dec. 21

National Mortgage Professional--Phil Hall

The National Flood Insurance Program (NFIP) was extended through Dec. 21 as part of Congress’ two-week extension for the federal government’s funding deadline.

The NFIP was set to expire tomorrow at the conclusion of a one-week temporary extension. The Senate approved a six-month extension of the program last week, but the House of Representatives has not acted on this issue.

Shannon McGahn, Senior Vice President of Government Affairs for the National Association of Realtors (NAR), pointed out that this new extension was “the 43rd extension of the NFIP since 1998, and the 41st short-term deal made to avoid a lapse in the program over the past 20 years.” McGahn added that “flooding is a constant, unavoidable threat to Americans living in both coastal and inland communities across the country. As such, NAR urges the House and Senate to continue working towards responsible, long-term reauthorization that includes meaningful reforms, as the current process of continuous short-term extensions is simply not sustainable.”